Category: Consumer Goods
North America Folding Furniture Market Forecast to 2027 – COVID-19 Impact and Analysis – by Product Type (Table and Chair, Sofas, Beds, Table TV Trays, and Others), Application (Residential and Commercial), Material (Wood, Metal, Plastic, and Others), and Distribution Channel (Store-Based and Non-Store-Based)
The folding furniture market in North America was valued at US$ 889.88 million in 2019 and is projected to reach US$ 1,388.25 million by 2027; it is expected to grow at a CAGR of 5.8% from 2020 to 2027. Folding furniture is portable, multifunctional, and space-saving type of furniture that is considered as an essential part of modern living. The space-saving nature is mainly attributed to flexibility or foldability and compact sizes. In general, folding furniture are categorized as lightweight and easily deployable structures capable of switching between various configurations with ease. In addition to rapid advancements, backed by strong research activities, rising consumer demand for esthetic and comfortable products is encouraging manufacturers to come up with innovative concepts such as paper folding furniture and furniture involving pop up architecture.
On the basis of application, the folding furniture market is segmented into residential and commercial. In 2019, the residential segment dominated the market. There has been significant growth in the real estate and residential sector in the recent years with the surge in population and rise in demand for better living spaces. The increasing number of construction projects for flats and independent houses, coupled with favorable government initiatives, are supporting the growth of the market for this segment. Due to the availability of small residential spaces, consumers preference is shifting toward foldable furniture that can efficiently fit in the available spaces.
The COVID-19 pandemic has affected economies and industries in various countries due to travel bans, lockdowns, and business shutdowns. In North America, the US has reported the highest number of cases, followed by Mexico and Canada. This has been impacting the consumer goods industry in the region. Moreover, the COVID-19 outbreak has introduced challenges in the supply chains of the North American folding furniture industry.
The overall North America folding furniture market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America folding furniture market with respect to all the segments considered for the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the North America folding furniture market. Key players operating in the market in North America include Ashley Furniture Industries, Bush Industries, Inc., DOREL INDUSTRIES INC., Haworth, Inc., Inter IKEA Holding B.V., La-Z-Boy, Inc., Meco Corporation, Sauder Woodworking Company, Atlas Industries, Table-Mate USA, LLC, Plastic Development Group, Leggett & Platt, Inc., and Murphy Wall-Beds Hardware Inc.